Business In Hi-Tech

Internet of Things Market in Russia

The Internet of Things (IoT) and increased internet connectivity will be at the very heart of every one of the many industries. According to the BusinessWire research, Russia IoT market is expected to reach USD 74.0 Billion by 2023.

The Russian government's Internet start-up fund, FRII, has joined forces with tech giants GS Group and mobile operators Megafon, MTS, and VimpelCom to launch a national Internet of Things (IoT) consortium. In 2014, the fund increased its coverage to include emerging sectors such as wearable devices and the IoT.

There are currently over 10 Russian startups developing technologies for IoT data exchange. Moreover, technology startups in Russia are one of the major trends which are raising the popularity of connected devices. The Russia IOT market is expected to expand at a CAGR of 19.62% during the forecast period of 2016-2023.

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"Although interest in IoT solutions remains high, more evidence regarding IoT monetization is still required as end-user companies need solid proof of ROI from IoT projects, which are also hindered by the lack of technology standardization. The acceptance of common protocols and standards may speed up the market's development significantly over the forecast period. Growing government attention in developing the digital economy in Russia will accelerate technology standardization and regulatory processes, as well as create the infrastructure for the further spread of IoT implementations." — Software Research Director Elena Semenovskaia, IDC Russia